11am update - normal service continues

The sp'500 has already broken into the 1840s after a very brief micro snap lower to 1831. Nothing has changed, and it remains bizarre how some were getting overly excited at the decline from 1849-1823. Just what part of the recent price action was suggestive of 1750s?


sp'60min

Summary

It remains a laughable market. A classic opening hour..with a micro snap lower..to wash out the weaker bulls, suck in the dumbest of bears...and then whipsaw back to the upside.

The fact the indexes are already a touch higher should be seen as merely a bonus to the bulls.

What will be real interesting is how the market interprets the FOMC minutes at 2pm.
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Notable weakness: RIG, -2% in the low $48s.

Baring a swift recovery-reversal across the remainder of this week, RIG looks in serious danger of breaking the recent $47 low, and if that occurs, then further downside to 44/43.